Core Viewpoint - Safe Bulkers, Inc. has filed its 2025 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, providing insights into its operations and financial performance for the year [1]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [3]. - The company's common stock and preferred stocks are listed on the NYSE under the symbols "SB", "SB.PR.C", and "SB.PR.D" respectively [3]. Report Availability - The 2025 Annual Report on Form 20-F is accessible through the company's website under the Investors and SEC Filings section [1]. - Shareholders can request a hard copy of the report free of charge from Capital Link [2].

Fleet and Vessels - As of February 20, 2026, the company operates a fleet of 45 vessels with an average age of 10.5 years and an aggregate capacity of 4.6 million deadweight tons (dwt) [25]. - The company has entered into agreements for the acquisition of eight newbuilds compliant with IMO GHG Phase 3 and NOx Tier III regulations, including two methanol dual-fueled vessels [26]. - Four newbuilds are scheduled for delivery in 2026, two in 2027, one in 2028, and one in 2029, which may impact future cash flows and operational capacity [36]. - The company has entered into agreements for the acquisition of 20 environmentally advanced dry-bulk GHG-EEDI Phase 3 NOx-Tier III compliant newbuilds, including two methanol dual-fueled vessels, with 12 already delivered and the remainder scheduled for delivery between 2026 and 2029 [63]. - As of February 20, 2026, the company has 45 vessels in its fleet, with an average age of 10.5 years, including 11 vessels over 15 years old [129]. - The fleet's carrying capacity has increased from 887,900 dwt prior to the IPO in May 2008 to 4,559,000 dwt as of February 20, 2026 [218]. Market Conditions and Economic Outlook - The Baltic Dry Index (BDI) experienced significant volatility, with a high of 2,845 in December 2025 and a low of 715 in January 2025, indicating ongoing market fluctuations [34]. - The drybulk shipping industry is characterized by cyclicality and volatility, with historical highs and lows affecting charter rates and vessel values [34]. - The global GDP growth is projected at 3.3% for 2026 and 3.2% for 2027, with inflation normalizing to 3.8% in 2026 and 3.4% by the end of 2027 [41]. - China's economy is expected to grow at 4.5% in 2026 and 4.0% in 2027, significantly impacting dry bulk market demand [41]. - Dry bulk ship demand is forecasted to grow by 2-3% in 2026 and 1-2% in 2027, while ship supply is expected to increase by 2.5% in 2026 and 3% in 2027 [42]. - Economic slowdowns in key markets, particularly in Asia, could materially affect dry bulk trade and charter rates [41]. Financial Risks and Performance - The company generates most of its revenues in U.S. dollars while incurring expenses in other currencies, exposing it to exchange rate fluctuations [31]. - A significant decrease in the market values of vessels could lead to impairment losses, adversely affecting the company's financial condition [49]. - The company must comply with covenants in credit and loan facilities, which could be breached if vessel market values decline [48]. - The company faces challenges in securing profitable period time charters as more vessels become available, leading to potential cash flow volatility [37]. - The company faces significant operational and financial risks due to increasing crew costs driven by a limited supply of qualified personnel, exacerbated by geopolitical conflicts and labor disputes, which could materially affect its financial condition and ability to pay dividends [55][56]. - The company’s financial stability may be impacted by non-compliance with covenants, leading to potential defaults and enforcement actions by lenders [148]. Regulatory and Compliance Challenges - Environmental regulations may increase operational costs and compliance requirements, impacting the financial performance of the company [32]. - Stricter environmental regulations related to GHG emissions and marine pollution are expected to impose significant capital expenditures on the company to maintain compliance, potentially affecting its competitiveness and operational costs [58][60]. - The delay in the adoption of a Global Fuel Standard by the IMO adds regulatory uncertainty, impacting future compliance costs and investment decisions for shipowners [61]. - The evolving regulatory environment, including international safety regulations and ESG expectations, may increase operational costs and affect access to capital [84]. - The SEC has issued rules requiring public companies to disclose extensive climate-related information, which may necessitate significant expenditures for compliance [80]. - The EU's Corporate Sustainability Reporting Directive (CSRD) will require companies with over €450 million in annual net turnover to report sustainability information, potentially increasing compliance costs [79]. Geopolitical Risks - The company faces risks related to geopolitical tensions, which could impact global trade and shipping routes, potentially affecting operational results [31]. - The ongoing war between Russia and Ukraine has caused significant disruptions to supply chains, leading to increased costs and volatility in the global economy [92]. - The conflict in the Middle East, which began in October 2023, has resulted in political and social unrest, affecting shipping routes and operations [94]. - The imposition of unprecedented sanctions against Russia may adversely affect the company's financial condition and cash flows [95]. - The potential for increased piracy incidents in regions where the company operates could lead to higher insurance costs and operational risks [99]. Operational Strategies and ESG Initiatives - The company is implementing an upgraded Integrated Management System (IMS) to enhance operational flexibility and compliance with evolving regulatory standards, which is expected to create a competitive advantage [69]. - The company is prioritizing an ESG-based strategic pivot, investing heavily in environmentally advanced vessels and upgrading its existing fleet to mitigate risks associated with declining coal demand [68]. - The company has publicly available annual sustainability reports detailing its environmental, social, and governance (ESG) strategy [222]. - The company emphasizes the importance of integrating ESG practices into its corporate strategy to maintain access to capital and investor trust [222]. - The company has formed an ESG Committee with six board members, including four independent directors, to oversee its ESG strategy and performance [78]. Shareholder and Corporate Governance - The CEO, Polys Hajioannou, controls approximately 47.32% of the company's outstanding Common Stock, creating potential conflicts of interest [163]. - The company has a history of transactions with related parties, which may be challenged as less favorable than those with unaffiliated third parties [164]. - The company has adopted a shareholders rights plan to protect against coercive takeover tactics, which includes a dividend of one preferred share purchase right for each outstanding share of Common Stock [193]. - The company’s anti-takeover provisions could discourage or prevent mergers or acquisitions, potentially affecting the market price of its Common Stock [195]. - The company’s shareholders rights plan may substantially dilute shareholdings of any person attempting to acquire the company without board approval [197]. Financial Performance and Dividends - The company declared and paid quarterly cash dividends of $0.05 per share of Common Stock since March 2022, but future dividends are subject to board discretion and various financial conditions [149]. - The company’s ability to pay dividends is restricted by existing credit facilities, which prohibit dividend payments if an event of default has occurred [151]. - The company may face significant dilution for existing shareholders due to future stock offerings [186]. - The company’s Common Stock trades on the NYSE, but there is no guarantee of a continuing active and liquid public market [192]. - If the Common Stock falls below the $1.00 continued listing standard, it could face delisting from the NYSE [193].

Core Viewpoint - Safe Bulkers, Inc. is participating in the 20th Annual International Shipping Forum on March 9, 2026, in New York City, which will focus on global shipping market developments and capital market conditions [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes [3]. Event Details - The forum will gather senior executives from leading shipping companies, institutional investors, analysts, and financial media to discuss the industry outlook [2]. - Company management will be available for one-on-one meetings with institutional investors during the event [2]. Contact Information - For inquiries, the company contact is Dr. Loukas Barmparis, President of Safe Bulkers, Inc. [5]. - Investor relations can be directed to Nicolas Bornozis, President of Capital Link, Inc. [6].

Core Viewpoint - Safe Bulkers, Inc. is participating in the Dry Bulk Shipping Panel at the DNB Carnegie Energy & Shipping Conference in Oslo, Norway, on March 4-5, 2026, highlighting its role in the marine drybulk transportation industry [1][2]. Company Overview - Safe Bulkers, Inc. is an international provider of marine drybulk transportation services, specializing in transporting bulk cargoes such as coal, grain, and iron ore along global shipping routes for major users of these services [3]. Event Details - The DNB Carnegie Energy & Shipping Conference is a prominent Nordic event that connects listed companies with capital markets, providing insights into market trends and industry outlooks [2]. - Company management will be available for one-on-one meetings with institutional investors during the conference [2].

Core Viewpoint - Safe Bulkers navigated a volatile dry bulk market in 2025, reporting adjusted earnings of $0.14 per share in Q4, while maintaining its shareholder return program and fleet renewal strategy [4][6]. Financial Performance - Daily vessel operating expenses increased by 13% year-over-year to $5,683, compared to $5,047 in Q4 2024. Excluding drydocking and delivery expenses, daily vessel OpEx rose 6% to $5,057 from $4,787 [1][6]. - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [2][6]. - The company declared a quarterly dividend of $0.05 per share, marking its seventeenth consecutive dividend, equating to a 3.3% yield [3][6]. Market Environment - The CFO noted a "slightly improved charter market environment" compared to the same period in 2024, attributing increased revenues to higher charter hires and earnings from scrubber-fitted vessels [2]. - The dry bulk market experienced increased volatility in 2025, largely due to geopolitical factors [3][4]. Fleet and Capital Allocation - Safe Bulkers is pursuing fleet renewal, with eight Phase III vessels remaining and two Kamsarmax vessels ordered. The average fleet age is 10.5 years [5][12]. - The company has approximately $385 million in combined liquidity, with a leverage ratio of about 34% and a contracted revenue backlog of $164–178 million [5][15]. - Management emphasized a balance between spot and time-charter exposure to capture market opportunities while maintaining cash-flow visibility [11]. Supply and Demand Outlook - Global dry-bulk supply is expected to grow roughly 3% in 2026, with demand projected at 2-3%. Grain is anticipated to see the strongest growth at 5-6%, while coal and iron ore demand are expected to be softer [6][7]. - The IMF forecasts global GDP growth of around 3% in 2026 and 2027, which may support dry bulk demand growth [7][9]. Commodity Insights - Iron ore shipments are expected to grow up to 1% in 2026, with high Chinese port inventories posing a potential headwind [8]. - Grain shipments are projected to grow 5-6% in 2026, although risks are associated with China's push for self-sufficiency [16].

Financial Performance - In Q4 2025, Safe Bulkers, Inc. reported net revenues of $72.6 million, a decrease of 1% from Q3 2025 and a 1% decrease from Q4 2024[12]. - The net income for Q4 2025 was $11.8 million, down 34% from Q3 2025 and a 39% decrease compared to Q4 2024[12]. - Adjusted net income for Q4 2025 was $15.9 million, representing an increase of 14% from Q3 2025[12]. - Revenues for Q4 2025 increased to $75,947 thousand, up from $74,520 thousand in Q4 2024, representing a growth of 1.9%[70]. - Net income for Q4 2025 was $11,837 thousand, a decrease of 38.8% compared to $19,360 thousand in Q4 2024[70]. - Adjusted net income for Q4 2025 was $15,910 thousand, down from $18,132 thousand in Q4 2024, reflecting a decline of 12.2%[73]. - Operating income for the twelve-month period ended December 31, 2025, was $69,967 thousand, a significant drop of 45.6% from $128,427 thousand in 2024[70]. - Cash flow from operating activities decreased to $102.3 million in 2025 from $130.5 million in 2024, a decline of 21.5%[70]. - Net income available to common shareholders for the twelve-month period ended December 31, 2025, was $30,563 thousand, down from $89,376 thousand in 2024, a decrease of 65.8%[70]. Dividend and Shareholder Returns - The company declared a cash dividend of $0.05 per share of common stock[11]. - The company declared a cash dividend of $0.05 per share on February 18, 2026, payable on March 18, 2026[47]. Debt and Cash Position - As of February 13, 2026, the company had total cash of $162.8 million and total debt of $540.1 million[19]. - The consolidated debt as of December 31, 2025, was $548.6 million, with a consolidated leverage of approximately 34%[36]. - The company had $162.8 million in cash and cash equivalents, along with $219.5 million in undrawn borrowing capacity as of December 31, 2025[42]. Fleet and Operational Updates - The average daily Time Charter Equivalent (TCE) rate for Q4 2025 was $17,050, compared to $16,521 in Q4 2024[33]. - The company has authorized a share repurchase program for up to 10 million shares, representing approximately 9.8% of outstanding shares[22]. - Safe Bulkers, Inc. has an orderbook of eight newbuilds, including two methanol dual-fueled vessels scheduled for delivery in 2026[29]. - The company plans to sell the Michalis H vessel for a gross sale price of $35.2 million as part of its fleet renewal strategy[31]. - As of February 13, 2026, the company expects 65 downtime days for Q1 2026 and 136 downtime days for Q2 2026 due to scheduled repairs and upgrades[27]. - The average daily charter hire for Capesize class vessels was $24,206, resulting in contracted revenue of approximately $130.0 million[34]. - Daily vessel operating expenses increased by 13% to $5,683 for the fourth quarter of 2025 compared to $5,047 for the same period in 2024[67]. - Vessel operating expenses for the fourth quarter of 2025 rose to $23.5 million, up from $21.3 million in the same period of 2024[60]. - The number of vessels at period end decreased to 45 in 2025 from 46 in 2024[77]. - Total assets remained relatively stable at $1,403,182 thousand in 2025 compared to $1,403,096 thousand in 2024[72]. - The current fleet has a total deadweight tonnage (DWT) of 4,559,000, with various charter rates ranging from $10,750 to $28,958 per day[84]. Capital Expenditures and Future Plans - Capital expenditure requirements for eight newbuilds include $110.1 million payable in 2026 and $57.8 million in 2027[46]. - The company has a total of 654,800 DWT in newbuilds scheduled for delivery from 2026 to 2029[85]. - The company expects to continue its growth strategy through vessel acquisitions and further time charters, although actual results may differ due to various risks[107]. Charter Agreements and Leasing Strategy - The company has several newbuild vessels scheduled for delivery, with expected charter rates starting at $18,300 per day for the TBN vessel in Q2 2026[85]. - The charterer of MV Kanaris will reimburse part of the scrubber and BWTS installation costs, increasing the daily charter rate by $634[88]. - A long-term period time charter was extended for MV Aghia Sofia, commencing in December 2024 at a gross daily rate of $24,000[89]. - MV Lake Despina was sold and leased back on a seven-year bareboat charter, with a purchase option to be exercised in October 2026[90]. - The company has a strategy of selling and leasing back vessels to optimize capital structure and maintain operational flexibility[91]. - MV Pedhoulas Trader was sold and leased back in September 2023 for a period of ten years with a purchase option after three years and a purchase obligation at the end of the charter period[13]. - MV Rizokarpaso was sold and leased back in November 2023 for a period of ten years with similar purchase options and obligations[15]. - The company sold MV Efrossini for a gross sale price of $22.5 million in July 2023 and immediately chartered it back at a gross daily rate of $16,050 for 10 to 14 months[22]. - The company has a period time charter for 22 to 26 months at a gross daily charter rate of $20,000, with an option to extend to 34 to 36 months at the same rate[20]. - A spot time charter was secured at a daily gross charter rate of $12,000 plus a ballast bonus of $0.2 million upon commencement[24]. Market and Operational Risks - The company operates in the marine drybulk transportation sector, focusing on coal, grain, and iron ore, serving major users globally[106]. - The company is subject to risks including changes in demand for dry-bulk vessels and fluctuations in TCE rates and fuel prices[107].

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, compared to $0.15 in Q4 2024 [5][29] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [28] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025, compared to $5,047 in Q4 2024 [30] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [29] - The company declared a dividend of $0.05 per share, marking the seventeenth consecutive quarterly dividend [23] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the highest growth in the Panamax and Supermax segments [7] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [13] Company Strategy and Development Direction - The company maintains a balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [6] - The company is focusing on fleet renewal with an emphasis on quality tonnage, particularly Japanese-built vessels [12] Management's Comments on Operating Environment and Future Outlook - Management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [5] - The company highlighted the importance of maintaining a young and technologically advanced fleet to enhance operational performance and regulatory compliance [12] Other Important Information - The company has a strong liquidity position with $382 million in capital resources and a leverage ratio of 34% [23] - The company has a revenue backlog of $178 million, supporting debt service and reinvestment [33] Q&A Session Summary Question: Is there any appetite to renew the Capesize fleet? - Management indicated that second-hand prices are rising, but there is a lack of suitable tonnage available for sale, leading to a focus on newbuilds [36] Question: Have you seen increasing appetite for 2- to 3-year contracts on Kamsarmaxes? - Management noted that there is currently no interest for longer-term contracts, with the market just starting to improve [37][39] Question: Would you favor index-linked exposure or fixed coverage? - Management traditionally prefers fixed rates, especially in a rising market, and noted current rates for one-year deals are around $18,000 to $19,000 per day for Eco Kamsarmaxes [40]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, with a declared dividend of $0.05 per share [5] - Adjusted EBITDA for Q4 2025 was $37.4 million, compared to $40.7 million in Q4 2024 [28] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025, compared to $5,047 in Q4 2024 [30] - The company maintains a liquidity position of $382 million and a leverage ratio of 34% [23] Business Line Data and Key Metrics Changes - The average time charter equivalent (TCE) for Q4 2025 was $17,050, compared to $16,521 in Q4 2024 [29] - The company operated an average of 45 vessels in Q4 2025, down from 45.9 vessels in the same period of 2024 [29] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the highest growth in the Panamax and Supramax segments [7] - Global dry bulk demand is forecasted to grow by 2% to 3% in 2026, with cargo volumes expected to expand by 1% to 2% [14] - Iron ore shipments are expected to grow by up to 1% in 2026, while coal shipments are projected to decline by 1% to 2% [15][16] Company Strategy and Development Direction - The company maintains a prudent balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [6] - The fleet is focused on quality, with approximately 80% being Japanese-built, and an average fleet age of 10.5 years, which is younger than the global average [11][12] - The company is expanding its fleet with a focus on energy efficiency and lower CO2 taxation, with plans to take delivery of eight newbuilds by Q1 2029 [12][26] Management Comments on Operating Environment and Future Outlook - The management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the strong Q4 and early Q1 [5][22] - The company anticipates that supply growth will marginally match demand in 2026, with a healthy freight market continuing into early 2026 [22] - Management highlighted the importance of maintaining a young, technologically advanced fleet to enhance operational performance and regulatory compliance [12][27] Other Important Information - The company has a contracted revenue backlog of $178 million, supporting debt service and reinvestment [33] - The company has paid $89 million in common dividends and $35 million in common shares since 2022, reflecting a consistent return to shareholders [25] Q&A Session Summary Question: Fleet renewal and Capesize age - Management noted that second-hand prices are rising, but quality tonnages are scarce, leading to a focus on newbuilds [36][37] Question: Time charter market appetite - Management indicated that there is currently no interest in two to three-year contracts, with a preference for six to twelve-month charters as the market improves [38][39] Question: Index-linked vs fixed coverage - Management traditionally prefers fixed rates but is open to index-linked exposure, noting current one-year deals are approaching $18,000 to $19,000 per day for Eco Kamsarmaxes [41][42]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, with a board-declared dividend of $0.05 per share [3][17] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [17] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025 compared to $5,047 in Q4 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [18] - The company has a revenue backlog of $178 million, supporting debt service and shareholder returns [20] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the order book at approximately 11.4% of the current fleet [4] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [9][12] Company Strategy and Development Direction - The company maintains a prudent balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [3] - The fleet is focused on quality, with approximately 80% being Japanese-built, and an average fleet age of 10.5 years, which is younger than the global average [6][15] Management Comments on Operating Environment and Future Outlook - The management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [3][9] - The company anticipates that supply growth will marginally match demand for 2026, indicating a balanced market outlook [12] Other Important Information - The company has significant liquidity with $382 million in capital resources and a comfortable leverage of 34% [13][20] - The company has an active share repurchase program of 10 million shares [14] Q&A Session Summary Question: Fleet renewal and Capesize age - Management indicated that second-hand prices are rising, but quality tonnages are scarce, leading to a focus on newbuilds [24][25] Question: Time charter market appetite - Management noted that there is currently no interest in 2-3 year contracts, with the market just starting to improve [26][27]

Q4 2025 EARNINGS PRESENTATION MV EFROSSINI EEDI-PHASE 3 – IMO NOx TIER III KAMSARMAX DELIVERED APRIL 2025 1 Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words ...